AFP/London
Europe’s stock markets closed on a positive note yesterday as market watchers said investors focused on profit-taking as both the London and New York markets were closed for holidays.
In Frankfurt, the Dax climbed 0.94% to reach 8,383.3 points, while in Paris the Cax 40 index of leading shares gained 0.97% to 3,995.16 points — close to the important level of 4,000 points which it breached briefly recently.
Milan closed up 1.55% at 17,159 points and Madrid finished 1.20% higher at 8,363.60 points.
Andlil analyst Jerome Vinerier said yesterday’s trading mood was characterised by a wait-and-see attitude, with “investors wanting to catch their breaths and happy to manage their daily affairs in a market without volume”.
The euro firmed, still supported by strong data on the German economy on Friday, and was being quoted at $1.2933 from $1.2926 late on Friday.
The dollar continued to lose ground against the yen, hitting ¥101.09 from ¥101.24 late on Friday.
On Wednesday the dollar had reached ¥103.74, the highest since October 2008.
In Frankfurt, Commerzbank shares registered the biggest rise, gaining 4.54% to €8.02. The bank, the second-biggest in Germany, which launched a big capital increase a few days ago, has seen its shares fluctuate strongly recently.
Shares in software giant Sap rose by 2.06% to 59.89 euros. On Friday the group announced the departure of two senior executives.
At Barclays Bourse brokers in Paris, Franklin Pichard commented: “After a sudden setback last week, the Cac 40 seems to be trying to rebound.”
The index had ended last week with a loss of 0.26%, the day after leading stock markets had fallen sharply in response to weak data concerning the Chinese economy and renewed uncertainty about the direction of US monetary policy which is currently extremely lax.
The price of shares in the Club Med holiday group shot up 22.38% to close at €16.95 following the announcement of a friendly takeover bid by the company’s two biggest shareholders, Chinese group Fosun and Axa.
Shares in auto group Renault ended up 0.42% to reach €59.50. The company played down the effect of the bankruptcy of US-Israeli firm Better Place, a partner with a technology for replacing by robot discharged batteries in electric cars.
Shares in advertising group Publicis rose by 1.81% to finish at €56.70. On Wednesday the group’s general assembly of shareholders will vote on the pay of top executives and will become the first big French quoted company to do so.